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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Spytrdr who wrote (8955)	10/18/1999 8:49:00 AM
From: Spytrdr	Read Replies (1) \| Respond to of 13953

Softbank Pays $20 Mln for Stake in Online Forex Firm 10/18/99 12:47:00 AM Source: Bloomberg News Tokyo, Oct. 18 (Bloomberg) -- Softbank Corp., Japan's largest Internet investment company, said it invested $20 million to buy a 10 percent stake in Cognotec, an unlisted Dublin-based developer of online currency-trading systems. Quote Snapshot EGRP 25 1/16 0 YHOO 169 9/16 0 Enter symbol: ú Symbol Lookup More from CNET Investor Quotes delayed 20+ minutes Cognotec's Cognotec AutoDeal currency trading system links banks directly to clients via the Internet and is used by more than 20 global financial institutions including United Bank of Switzerland. The investment by Softbank, whose global portfolio includes more than 100 Internet-related holdings, comes as the company is moving to build what it describes as the world's first ``online financial services mall.' ``This policy represents the continuation of Softbank's policy of partnering the very best Internet technology and e- commerce solutions providers,' said Yoshitaka Kitao, executive vice-president and chief financial officer of Softbank, in a statement. The two companies are already partners in Forexbank, a $4 million venture formed in June to sell Cognotec's Internet-based currency trading services to Japanese and Korean banks. They said at that time they expect Japan's ``Big Bang' financial reforms to stimulate foreign-exchange trading activity in the world's second-biggest economy. Cognotec's AutoDeal software has been voted ``Best Automated Dealing Software' by readers of FX Week magazine for the last two years. The privately held company, which doesn't publish annual revenue, employs a global staff of 150. Softbank denied a media report last week that it is considering a bid for an insolvent Japanese bank, Nippon Credit Bank Ltd., as a first step into the Internet banking industry. Its financial-services affiliates include Japanese joint ventures with E*Trade Group Inc., the second-biggest U.S. online brokerage, InsWeb Corp., an Internet-based insurance marketplace, and Acom Co., Japan's second-largest consumer finance company. The deal with Cognotec was announced after the market closed. Softbank's stock fell its daily limit of 3,000 yen to 37,000.